Pune, India -- (SBWIRE) -- 09/11/2018 -- Market Overview:
Market Research Future (MRFR) has revealed in its latest report that the global pea protein ingredient market is projected to exhibit moderate growth at a healthy CAGR during the forecast period 2017 to 2023. The embracement of pea protein as a replacement for egg protein and wheat protein has boosted sales in the market. The trend is likely to perpetuate in the foreseeable future.

The increasing awareness among the people about the nutritional value of the product coupled with the widening range of the product offerings in both dry as well as liquid form is likely to retain and expand the consumer base. The boom witnessed in the food & beverage industry is one of the key factors favouring the growth and expansion of the pea protein ingredient market. Since pea protein is extracted from plants, it is well accepted by the vegetarians, vegans, and people suffering from meat allergies. This, in turn, has encouraged the proliferation of the pea protein ingredient market and is expected to continue benefitting the market. Pea protein ingredient has developed its application as a nutrient additive across different products such as bakery products, meat extenders, sports supplement, dietary supplement, frozen food, etc. The growing demand from the food manufacturers is poised to aid the pea protein ingredient market expansion over the assessment period.

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Competitive Analysis:
Some of the key players profiled by MRFR in the report are Axiom Foods, Inc. (U.S.), COSUCRA (Belgium), Cargill Inc. (U.S.), Nutri-Pea Limited (Canada), Sotexpro (France), A&B Ingredients (U.S.), and CHS Inc. (U.S.).

Industry Developments:
In August 2018, Momentous, a premium sports nutrition company, has launched a new line of plant-based products. The experts have combined the highest quality pea protein isolate with the highest quality rice protein.

Market Segmentation:
By products, the global pea protein ingredient market has been segmented into isolates, concentrates, textured and others. The isolates segment is currently dominating the market. It is likely to hold a major share of the global market in the foreseeable future. The concentrates segment is expected to exhibit a steep rise in growth owing to its increased use in sports supplements.

By form, the pea protein ingredient market is segmented into dry, wet and others. The dry segment is leading the market, whereas, the liquid segment is estimated to gain prominence over the next few years.

By application, the global pea ingredient market has been segmented into dietary supplement, animal feed, food & beverage, and others. The food & beverage segment is further sub-segmented into meat substitute, functional food & beverages, bakery products and packaged goods. The dietary supplements segment has its control over a dominant share owing to inclining consumer preference towards healthy food.

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Regional Analysis:
By region, the global pea protein ingredient market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America holds the most significant share of the market owing to rising consumption of sports supplements having pea protein. Furthermore, the rising demand for gluten-free food items has impacted the pea protein ingredient market positively and is poised to continue its influence on the market growth across the review period. Europe is anticipated to be an important growth pocket through the assessment period due to changing lifestyle and healthy food habits of the consumers. The product is projected to gain popularity in the region over 2023. Asia Pacific and the Rest of the World markets resonate strong growth opportunities and are expected to exhibit catalyzed market expansion during the forecast period.